On 22 May 2014, the Omnibus II Directive which, among other things, will amend the Prospectus Directive in respect of the powers of ESMA, was published in the Official Journal.
The Prospectus Directive will be amended to require the competent authority of the relevant home member state of the issuer to communicate final terms of any offer that are neither included in the base prospectus nor in a supplement to the competent authority of the host member state and to ESMA (in place of communication by the issuer, offeror or person asking for admission to trading on a regulated market). The directive also sets out ESMA's obligation to draft RTS for the European Commission in respect of:
- the information that may be incorporated by reference in a prospectus;
- the procedures for the approval of the prospectus and the conditions in accordance with which time limits for approval may be adjusted;
- the provisions relating to the publication of the prospectus; and
- the provisions concerning the dissemination of advertisements announcing the intention to offer securities to the public or admission to trading on a regulated market.
The directive entered into force on 23 May 2014 and must be transposed into national law and regulation by 31 March 2015 and applied from 1 January 2016.
The directive is available at:
http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2014.153.01.0001.01.ENG
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
